Brent and WTI price updated by Srinivas Chowdary Sunkara as on 08-6-2023
Brent oil futures prices for Aug delivery inched down 21 cents to $76.74 a barrel while WTI oil futures are trading down 19 cents to $72.84 a barrel on Thursday morning hours. Both the benchmarks logged in around 1 pct gains yesterday. KSA announcement of further tightening oil spigots could not move oil prices up since the news was already priced in when the minister warned shorts a week before meet. Markets continue to weigh on deteriorating economic outlook, China's bearish numbers and U.S product stocks pile up. EIA reported drop in crude stocks and up in products stocks, Confounding analysts expectations. The Calender spreads are in backwardation as per reports. Markets are awaiting for wishful demand numbers from monthly reports.
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